BARBADOS CAN ACCOMPLISH NEW GROWTH GOAL
THE new goal set for this island is for it to achieve a 10 per cent growth in an 18-month period, and while this may seem like an ambitious thing to do, it is definitely a task that we are capable of. This is the belief of Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, who delivered the feature address at the Going Global 2015 initiative recently at the Bagnall’s Point Gallery of the Pelican Craft Centre. He admitted that before Barbados can reach this point, however, there is a lot of groundwork that needs to be covered. “This target of achieving a 10 per cent growth in exports over an 18 month period is certainly ambitious, but it is not beyond our reach. Admittedly, there is a lot to be done. And for this reason, strategic partnerships and agency collaboration are indeed central to the Going Global initiative.” It is with this in mind that this Global Initiative 2015 – which has just been launched – would target the areas that are critical to helping this country increase its foreign exchange earnings by focusing on areas such as how to take advantage of export markets; marketing and distribution and new product development, said the Minister of International Business. “This initiative was conceptualised against the backdrop of a detailed examination into the factors essential to increasing Barbados¡¯s foreign exchange earning potential. Coming out of that effort, four critical success factors were identified: The ability/capacity to exploit emerging market opportunities; marketing and distribution channels; new product development and enhanced international competitiveness of local enterprises.” In fact, the Barbados Investment and Development Corporation (BIDC) have been collaborating with various stakeholder organisations in order to facilitate this, he said. “Over the past few months, the BIDC has been working with the Barbados Coalition of Services Industries (BCSI), the Barbados Manufacturers’ Association (BMA), Caribbean Export, Barbados Tourism Marketing Inc. (BTMI), the Ministry of Foreign Affairs and Foreign Trade, Barbados¡¯ Embassies and Consulates and the Barbados Institute of Management and Productivity (BIMAP), in defining the new, enabling framework to support Barbadian exporters in tackling these challenges.”
AMORY DISMISSES FACTA’S CONCERNS
Premier Vance Amory is not concerned that the Foreign Account Tax Compliance Act (FACTA), which the Federal parliament passed last week will impact Nevis’ offshore financial sector.
FATCA: GEORGIA INFORMS UNITED STATES OF ITS RESIDENTS’ FINANCIAL ASSETS
The Georgian side has taken responsibility to inform the Revenue Office of the United States (US) about the financial assets of US residents living in Georgia, reports Agenda.ge. From September 18, when Parliament of Georgia ratified an agreement on Foreign Account Tax Compliance Act (FATCA) with the US, all Georgian financial institutions, commercial banks, insurance companies and others became obliged to send information about the assets of American individual and legal entities to relevant bodies in the US. Through the Act the US aimed to avoid its residents living abroad the ability to hide their tax obligations. The Georgian side signed the FATCA memorandum in July 2010 and last Friday the memorandum was ratified by Parliament. The Act envisaged enforcing amendments to 10 different Georgian laws. Seventy-three countries have already signed the FATCA memorandum with the US. The FATCA became law in March 2010 in the United States. The FATCA targeted tax non-compliance by US taxpayers with foreign accounts and focused on reporting: By US taxpayers about certain foreign financial accounts and offshore assets; By foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The objective of the FATCA was about reporting of foreign assets; withholding was the cost of not reporting.